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before midnight. jon karl is watching it all from capitol hill. the speaker says he'll try again today. >> reporter: he will. but, george, this debt ceiling crisis has become a political crisis for republicans. boehner's going to convene all 240 house republicans this morning to make 1 final push for it. but the reason he pulled the bill last night is he just couldn't get enough republicans to pass his own bill. republican leaders worked late into the night, trying to get the votes to pass their own debt ceiling bill. reporters swarmed around utah republican jason chaffetz as he emerged from a tense meeting in speaker boehner's office. he told us he's still not sure. how much pressure is there on you to change your mind on this? >> i'm very plenty surprised that they are not twisting and ripping arms off. >> reporter: the speaker said he can't do his job if you guys aren't there to support him. >> i am fully supportive of the speaker. >> reporter: this is his most important vote yet as speaker. >> i just can't support his bill. but i do support the speaker. >> reporter: but for speaker
. that it could still fall apart. in these all-important details. let's get right to jon karl who first broke this story, the story of a framework last night. jon, dan used the word at the top of the broadcast, the emphasis here is on "fragile." >> reporter: that's right. the details are still being worked out. you know how important the details are, and nobody has signed on the dotted line yet. but i am told congressional leaders will brief their membership on the framework of this tentative deal later this morning. >> majority leader. >> reporter: late last night, senate majority leader harry reid called off a vote on a debt ceiling plan, citing progress towards a deal. >> i'm glad to see this move tord cooperation and compromise. i hope it bears fruit. >> reporter: congressional sources tell abc news the two sides have tentatively agreed to a framework that includes a debt ceiling increase of up to $2.4 trillion, enough to last through the presidential election. agreement on more than $1 trillion in spending cuts over ten years and a new special congressional committee that would recommend
appearing stronger heading into the 2012 race than he was just a few weeks ago. we want to bring in jon karl to help weigh in on these numbers. jon, we were talking earlier on the surface it seems like a few points shift here. but given the backdrop of this economy and unemployment this is fairly dramatic. >> reporter: is pretty dramatic. and the factor seems to be the debt ceiling standoff. take a look at the numbers against mitt romney, the president has opened up a lead, a pretty significant lead you see there of 51% to 44%. the lead is even more dramatic against other other candidates. look where he was a month ago, david. mitt romney was tied with president obama. the big factor here, in fact, the only factor that has really changed is that independent voters have moved away from the republicans and towards the president. >> so, independent voters watching the debt showdown and weighing in. >> reporter:s that's exactly right. and don't like the way the republicans have been handling it. >> speaking of the republicans, you take a look at how they're stacking up with the race. and a famil
security check riding on the outcome. abc's jon karl joins us now, from washington, with the latest. what about it? how close are we finally to a deal? >> reporter: getting close to a deal with the house speaker, john boehner. the outlines of this deal include up to $3 trillion in spending cuts over the next ten years including some cuts to popular entitlement programs like medicare and social security. also, elizabeth, it would include a promise or a commitment that congress would bring more money in through tax revenues by reforming the code, closing some of those loopholes. that's something that congress would act on over this last year. >> that last one, isn't that disguise? a tax increase in >> reporter: well, certainly some will call it that. the rates won't go up. congress would have to act over the next year. if they didn't ago, automatic steps would be taken that both sides wouldn't like which would be tax hikes and spending cuts. possibly, elizabeth, they're talking about repealing part of the health care bill. >> even if president obama and speaker boehner reach a deal they hav
and jon karl have been tracking it. let's start with jake. >> reporter: last night aftete their primetime addresses, house speaker john boehner was overheard saying he didn't sign up to go mano a mano with the president of the united states after the president called for congress to compromise. the president spoke sternly to the american people last night blaming house republicans, especially freshmen, for holding up a debt deal. >> the only reason this balanced approach isn't on its way to becoming law right now is because a significant number of republicans in congress are insisting on a different approach. >> reporter: house speaker john boehner responded by saying that the president wants to continue his rampant spending. >> the president often said we need a balanced approach, which in washington means, we spend morerend you pay more. >> reporter: right now there a a two competing bills, to raise the debt ceiling and reduce the deficit. a house one that likely cannot pass the senate and a a nate one that cannot likely pass the house. both raise the debt ceiling, cut more than $1 tril
markets. let's get a reality check from abc's countdown team. jake tapper at the white house. jon karl on capitol hill. bianna golodryga from the new york stock exchange. looking at the asian and european markets overnight, there seems to be concern but not panic yet, bianna. >> reporter: that's right. wall street seems to be patient with washington. markets opening blower. just about 130 points lower. not the knee jerk reaction that people were fearful of. things are still at an impasse. even though the markets aren't selling off, people are concerned about what's still on the table a credit downgrade. the s&p says the u.s. could lose its aaa ratings in the next three months. that would mean that interest rates go higher. it would be more difficult for people to get a loan out there. and it could be a big burden for this economy, as we're just starting to recover. george? >> jon, they had been hoping on capitol hill to come up with some sort of deal before the markets opened today. that has not happened. it seems, the only thing that everyone seems to be accepting th
tracking all the latest for us overnight. good morning, jon. >> reporter: good morning, robin. we are reaching crisis time here on capitol hill. the republicans delayed a vote on their bill in the house because they don't even have enough republican votes to pass their own bill. democrats don't have the votes to pass their bill, either. the only thing certain up here right now is that everything is in doubt. >> we appreciate you calling. >> reporter: the calls are pouring in. plenty of outrage. but like congress itself, the callers seem hopelessly divided. >> i would really like for him to hold the line against any deal in congress. >> i am calling to ask that you cooperatatwith the president's efforts. >> reporter: the whole place seems to have broken down. republicans can't even convince some of their own members to vote for the republican plan. in a closed door meeting, republican leader eric cantor told fellow conservatives to, quote, stop whining and support the bill. acknowledging, quote, the debt limit vote sucks. across the country, that's the view o
Search Results 0 to 6 of about 7